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Mayer and Schnabl show that low growth is best explained by the Austrian business cycle theory rather than aging societies producing savings gluts or secular stagnation.
In this issue: Thomas Mayer and Gunther Schnabl on “reasons for the demise of interest,” Nikolay Gertchev on inflation targeting and the Ukraine, Nils Herger’s interpretation of the business cycle theory in Hayek’s Prices and Production, Vytautas Zukauskas on measuring the quality of money, and James Broughel on American regulatory socialism. Six book reviews conclude the issue, including a rich review essay on books related to Abenomics and the Japanese economy.
Articles
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Nikolay Gertchev shows that the inflation-targeting literature provides an illusionary vision of what a modern central bank can achieve. The monetary history of Ukraine illustrates the pitfalls of inflation targeting.
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Price distortions, or "Cantillon effects" are corrected by recessions, and these economic fluctuations can be condensed into a simple two-sector overlapping generations model. - Articles
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Vytautas Žukauskas shows that the demand for money depends on its quality, and develops an empirical composite indicator that measures the quality of money in the eurozone. - Articles
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The right latched on to cost-benefit analysis as a tool to stanch rising regulation, but aspects of CBA's history could be considered socialist in nature. - Review Essays
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Jason Morgan reviews several recent books on political economy in Japan, including the "coronavirus interruption" and other problems affecting Japan's economic development.
Jörg Guido Hülsmann reviews the first English edition of Pascal Salin's _Tax Tyranny_, which deserves the attention of students, academicians, and tax practitioners.
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Fernando D'Andrea reviews this collection of essays that show how Austrian ideas can inform practical management problems, concluding that while the book doesn't cover everything, it's a good first effort.
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Matt Spivey's book overturns a type of literary criticism dominated by Marxism, a magnificent achievement, says David Gordon in this review.
- Book Reviews
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Though the authors of this new book are not Austrians, David Gordon finds much to celebrate about John Kay and Mervyn King's work. - Book Reviews
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Though David Gordon takes Coyne and Boettke to task for not distinguishing praxeology as a separate field, he finds their new book a useful contribution to Austrian economics.